Earlier this week, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award of up to $8 million to rehabilitate the underutilized Schwehm Building in downtown Atlantic City under the Historic Property Reinvestment Program (HPRP). The Atlantic Lofts Rehabilitation Project, developed by Atlantic Lofts Urban Renewal Entity and Odin Forward, will introduce 56 new residential units and associated amenities, as well as commercial spaces, in the Orange Loop district.
“The HPRP advances Governor Phil Murphy’s efforts to revitalize New Jersey communities by rehabilitating dormant or underutilized historic properties, resulting in long-term economic benefits and quality-of-life improvements for residents,” said NJEDA Chief Executive Officer Tim Sullivan. “The Atlantic Lofts Rehabilitation Project will preserve the historic Schwehm Building for future generations, create new housing and commercial spaces, and contribute to the resurgence of Atlantic City’s Orange Loop district.”
The project consists of a complete rehabilitation of an eight-story office building into new residential units with amenities, including a new roof deck and commercial space on the first floor. The proposed tax credit award of 45 percent of eligible project costs, up to $8 million, will result in a total overall investment of $22.5 million in Atlantic City.
The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year.
A new application round for the program opened on September 10th and will close on October 29th at 2 p.m. For more information and to apply, visit www.njeda.gov/historic-property-reinvestment-program.
